Court lets Brooklyn Summit deal go forward as Mamdani fails to halt it
TL;DR
A US bankruptcy judge rejected New York City Mayor Zohran Mamdani's bid to block Summit Properties' $451 million real-estate deal in Brooklyn, a sale covering more than 5,000 rent-regulated apartments across 90 buildings. The ruling allows the bidding to proceed despite claims that Summit lacks the will/resources to rehabilitate the properties; tenant demonstrations occurred outside Summit's offices, and the next hearing for final approval is set for Thursday."
- US court rejects Mamdani's attempt to block real-estate deal involving Israeli-owned company The Jerusalem Post
- Federal judge delivers Mamdani early legal setback on housing market intervention Fox Business
- Summit Properties Wins Auction for Bankrupt NYC Apartments Bloomberg.com
- Mamdani’s First Big Move to Help Renters Is Dealt a Blow by Court The New York Times
- New landlord takes over 5,100 troubled apartments after bankruptcy auction Crain's New York Business
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